Incyte (INCY) PT Raised to $77 at RBC Capital; 'Base Case'

RBC Capital raised its price target on Incyte (NASDAQ: INCY) to $77.00 (from $75.00) while maintaining a Outperform rating after the FDA's AdComm voted favorably for 2mg dose of baricitinib, but unfavorably for 4mg dose given VTE signals.

"We view this as the base case, reducing bari's initial market opportunity in RA but preserving royalties to INCY and potential for future 4mg/other indication approvals," analyst Brian Abrahams commented. "Net-net our target increases slightly to $77 from $75 based on increased POS offsetting lower sales estimate, and we still view INCY as undervalued."

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